GreenRoad provides fleet businesses with a SaaS-based driver-behavior and fleet-performance solution that helps change driver behavior and manage fleet performance. The platform offers business intelligence and performance analytics that enable fleets to optimize daily and strategic operations. It helps fleet operators improve driving safety, increase fuel economy, lower insurance premiums, and reduce accident-related costs. Led by CEO Zeev Braude, the company plans to use new capital to expand sales and marketing resources and activity in the US and EMEA and to enhance its driver-behavior technology. GreenRoad has offices in the US, UK and Israel. In March 2015 the company raised $26m in growth capital to support these efforts. GreenRoad provides a real-time driver performance management solution that includes an in-vehicle system measuring over 120 maneuvers, driver-facing feedback, fleet reporting, individual driver accounts, and a web-based training and coaching portal. The product is positioned to improve safety and efficiency, and the company reports measurable outcomes including an average 50% reduction in crashes and up to 10% reduction in fuel consumption. More than 60,000 fleet drivers use GreenRoad’s service; the company has logged over 3 billion driver miles and is adding over 100 million driver miles per month. GreenRoad is headquartered in Redwood City, CA, and maintains offices in the U.S., U.K., and Israel. Its customer roster includes First Group, Ryder, Iron Mountain, Securitas Mobile, Mastec, Arctic Glacier, DuPre Logistics, and Quickway Carriers. Recent executive hires — including Jim Heeger as president and CEO and Tanya Roberts as senior vice president of marketing — are aimed at accelerating market penetration and growth. GreenRoad offers a small dashboard device that uses GPS, an accelerometer, a CPU, Google Maps and backend algorithms to monitor driver behavior and display a simple green/yellow/red light to drivers. The system analyzes more than 120 driving maneuvers and feeds a dashboard-style management portal that provides context and peer benchmarking for supervisors. The product emphasizes low intrusiveness and behavioral design—avoiding video/audio surveillance and using simple daily feedback—to encourage safer driving. GreenRoad began as a consumer concept by an Israeli entrepreneur and pivoted to commercial fleets after about three years of R&D to refine its algorithms and reduce false positives. The company sells three-year licenses at $1,000 per car; it reports 80 customers and at least one customer has deployed the technology in 20,000 vehicles, implying large multi-million-dollar contracts. GreenRoad positions itself in an addressable market of roughly 80 million professionally driven vehicles in the US and EU and claims fuel and crash savings (roughly $300 and $1,000–$4,000 per vehicle per year) that create strong ROI for fleet buyers. Financially, the company had raised less than $40 million to date and is announcing an additional $10 million from Generation Investment. GreenRoad produces an in-vehicle device and accompanying software that monitors 120 driving factors to reinforce safe driving habits. The device displays analysis via green, yellow and red lights and beams driving data to a central web database for fleet managers to review. The system is predominantly used by commercial vehicle fleets; GreenRoad works with 60 commercial fleets spanning thousands of vehicles. The company says the system can reduce fuel costs by 10% and car accidents by up to half, according to VentureWire. GreenRoad raised $15 million in a fourth round to build its customer base and pursue partnerships with technology and insurance companies. The company is based in Redwood Shores, Calif., and has raised $40 million to date. GreenRoad sells the SafetyCenter, an in-car hardware device that communicates driving safety via three lights (green to red) and uploads driving information for later online review. The product uses accelerometers to sense vehicle motion, positioning itself as a less intrusive, lower-cost alternative to video-based competitors DriveCam and SmartDrive. Priced at $30 per month, GreenRoad is marketed at roughly half the cost of its video-monitoring rivals. Initial testing reported crash reductions of about 50% and fuel savings of about 7%. As Drive Diagnostics, the system has been installed in roughly 1,000 vehicles across 12 clients, including T-Mobile’s service fleet, while competitors are installed in about 100,000 vehicles. The company recently re-launched, moved its headquarters from Israel to Redwood Shores, Calif., and installed a new management team while retaining the two founders in senior technical and business development roles.

Total raised

$64M

Funding rounds

5

Latest round

Equity

Latest activity

Mar 2015